HomeMy WebLinkAboutC3. Interfaith
Commission Memorandum
REPORT TO: Honorable Mayor and City Commission FROM: Greg Sullivan, City Attorney
SUBJECT: Authorize Mayor to Execute Substitutions of Trustee for Trust Indenture
with Bozeman Interfaith Housing, Inc. dated April 4, 1997. MEETING DATE: September 21
AGENDA ITEM TYPE: Consent
RECOMMENDATION: Authorize the Mayor to execute the Substitutions of Trustee with
Bozeman Interfaith Housing, Inc. dated April 4, 1997.
BACKGROUND: In 1997, the City of Bozeman entered into a trust indentures with Bozeman Interfaith I (Interfaith) for purposes of Interfaith obtaining financing for the Dairy Keep
Apartments. The trust indenture is for $40,000. At the time, then City Attorney Paul J. Luwe was
appointed as trustee for the trust indenture.
The Substitution of Trustee is necessary to allow me to act as trustee on behalf of the City of Bozeman, the beneficiary of the trust indenture.
In addition, Interfaith may be requesting the City reconvey its interest in the property secured by
the trust indenture. According to Brian LaMeres, City Controller, Interfaith has paid the $40,000 loan. Should Interfaith request reconveyance I am authorized as substituted trustee to sign a deed of reconveyance.
ALTERNATIVES: As suggested by the City Commission.
FISCAL EFFECTS: There are no fiscal effects.
UNRESOLVED ISSUES: None.
Attachments:
• Substitution of Trustee for $40,000 Trust Indenture
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When recorded please return original to:
Greg Sullivan Bozeman City Attorney
PO Box 1230
Bozeman, MT 59771-1230
Substitution of Trustee
WHEREAS, a trust indenture was made the 4th day of November, 1997 between BOZEMAN INTERFAITH HOUSING, INC. (I), with a current mailing address of PO Box 7090, Bozeman, Montana 59771-7090, as Grantor, PAUL J. LUWE, Bozeman City Attorney, as original Trustee, and the CITY OF
BOZEMAN, with a mailing address of PO Box 1230, Bozeman, Montana 59771-1230, as Beneficiary and was subsequently recorded in the Office of the Gallatin County Clerk and Recorder on April 15, 1997 in Book 172 of Mortgages at Pages 1630 - 1633; and
WHEREAS, the CITY OF BOZEMAN desires to substitute GREGORY S. SULLIVAN, the
current Bozeman City Attorney, with a mailing address of PO Box 1230, Bozeman, Montana, 59771-
1230, as Trustee in place and instead of said original Trustee under the above described Trust Indenture; and
WHEREAS, GREGORY S. SULLIVAN, is currently an attorney licensed to practice law in Montana; and
WHEREAS, the Bozeman City Commission is the entity authorized by law to act on behalf of the CITY OF BOZEMAN and did, on September 21, 2015, duly authorize the Mayor of the City of
Bozeman, Jeffrey K. Krauss, to execute this Substitution of Trustee.
NOW, THEREFORE, the undersigned, on behalf of the CITY OF BOZEMAN hereby substitutes GREGORY S. SULLIVAN, as Trustee for the Trust Indenture identified herein.
Date: _______________ _______________________ Jeffrey K. Krauss, Mayor
State of Montana )
):ss.
County of Gallatin )
On this ___ day of September, 2015, before me, the undersigned, a Notary Public for the State of Montana, personally appeared JEFFERY K. KRAUSS, known to me to be the Mayor of the City of Bozeman and then person whose name is subscribed to the within instrument and acknowledged to me
that he executed the same for and on behalf of the City of Bozeman. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial Seal the day and year
first above written. ______________________________________ Notary Public for the State of Montana
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